Artificial intelligence start-up Autologyx has gained more than £1.5m in investment.

Autologyx’s Fabric Automation platform leverages machine learning and AI to enable enterprises to take control over their legacy systems.

Beacon Capital was among existing backers which supported the funding round for the London-based SaaS company, while new investors included AngelCoFund and Richard Hargreaves, who will become a non-executive director.

“Many companies are just beginning to explore robotic process automation technology and realise it has far more benefits than simply cost savings,” said Ben Stoneham, CEO and founder of Autologyx.

“It not only enables teams to focus on the more ‘strategic’ parts of their roles but also allows them to catalyse and implement Innovative ideas resulting in rapid and inexpensive trialling of new concepts such as gamifying employee engagement programmes.

“We are making process innovation a reality for clients and a perfect example is where we deployed our platform with machine learning to deliver a cutting-edge solution for a globally renowned law firm to improve the triage process of legal matters at scale.”

Tim Mills, investment director at AngelCoFund, said: “Autologyx is using robotics – machine learning and artificial intelligence – to automate everyday business processes and therefore make companies more efficient.

“This is truly the stuff of the future, and an exciting prospect for any investor looking to be a part of the next wave of business innovation.

“The interest the company has garnered from investors is credit to its pioneering position in the space and we’re delighted to be on board with Autologyx for this exciting stage of their journey.”